Property Tax Exemptions in Riverside County
As a Veteran, it’s important to know which specific benefits are available to you. Your military benefits can vary based on the nature of your service and the location where you plan to purchase a home. Along with the benefits the VA provides, there are programs at the state and local levels that can help make homeownership a reality for an increasing number of Veterans.
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One of the ways that state and local governments honor Veterans is by issuing property tax exemptions. These exemptions cover a percentage of the property tax due each year, which can save homeowners thousands. In Riverside County, property tax exemptions come in three forms: the basic Homeowners Exemption, the Veterans Exemption, and the Disabled Veterans Exemption.
Riverside County Veterans Property Tax Exemption
For Veterans in Riverside County, the Homeowners Property Tax Exemption is the most popular option available. The Veterans Exemption has strict limits on personal assets, which puts it out of reach for most. To be eligible for the Veterans Exemption in California, a single Veteran must not have assets valued at over $5,000. This number doubles for married Veterans.
Riverside County’s Homeowners Exemption reduces the taxable value of a qualifying home by $7,000. Since property tax is calculated as a percentage of the assessed home value, lowering the taxable value of the home means you’ll be paying less in taxes each year. In order to be eligible for this exemption, properties must be a primary residence. This is also a requirement for VA home loans, which is why the Homeowners Exemption is so popular with Veterans.
Disabled Veterans Property Tax Exemptions in Riverside County
Veterans who are 100% disabled, blind or who have become paraplegic due to a service-related disability may be eligible for the Disabled Veterans Exemption. If you qualify, this is the most advantageous option out there. This exemption comes in two forms: basic and low-income, both of which are tied to annual cost-of-living indexes. You can check with the state Board of Equalization for more information on the Disabled Veterans Exemption.
How to File for a Riverside County Property Tax Exemption
Applications for property tax exemptions in Riverside County need to go through the Assessor. In some cases, the county will mail you an application for the Homeowners Exemption automatically after you move in. You can also find out information on the Assessor website, along with the forms you need to get the process started. If you’re looking to apply for the Disabled Veterans Exemption or discover more information on it, the Riverside County Assessor has an application page dedicated to this purpose.
From determining your eligibility to discovering your property tax exemptions, our team at SoCal VA Homes is with you every step of the way. As always, you can reach out to our VA Home Loan Experts to get your home buying questions answered clearly and quickly.